AUD/USD rebounds stronger after fall from 0.9505 was contained well above 0.9252 cluster support. There are some interpretations of the price actions from 0.9541, especially on whether the consolidation from there has completed at 0.9275. No matter which interpretations, the

index is chopping from last week's high/test of the ceiling of the nearly 2 month bullish channel (then at 73.90) and is seen in the process of forming an important top, with eventual declines back to the March 17th low

Much volaility is seen in USD/CAD but outlook remains basically unchanged. Further downside could still be seen as long as 1.0068 minor resistance holds. But after all, there is no indication of completion of the flag like consolidation from 1.0326

The Yen eased broadly on Wednesday as a slow increase in US Consumer Inflation report for April boosted stocks and raised investor appetite for risk. This fade CPI briefly caused traders to sell the Dollar, but analysts said it did

Recovery attempt from 1.5285, 08 May low, reached 1.5570 on 12 May, ahead of corrective dip to 1.5396 yesterday, that marked higher low, before recovery resumption. Initial resistance at 1.5523 has been cleared, with gains extending to 1.5546, ahead of

While a recovery was staged on Wednesday and a follow-through to the upside was seen in early morning trading today, as long as the pair continues to trade below its minor resistance at 1.5593(May 06'08 high) and the 1.5710 level,

We remain bearish as long as the USDJPY is below 105.70 (which has come close to being breached seemingly this entire week). The potential for a sizeable decline in a 3rd of a 3rd wave within the bear cycle from

Thankfully we took profit at 1.0490 in the morning today on our Short entered at 1.0585 yesterday. There is Resistance again at 1.0595-0605. While this holds, a dip back towards 1.0500 could be seen in the US session. Beyond that,

The US Dollar rose sharply against the Japanese Yen, reaching 105.45, which is the first resistance for the currency couple today. Next resistance further up is expected at 106.00, followed by 106.70. In downward direction first support for today is

Dollar is weighed down against yen by weaker than expected economic data in the early US session. Industrial production unexpectedly fell -0.7% in Apr. Capacity utilization also dropped below 80% for the first time since 2005 to 79.7%. Empire state

Cable continues to engage in choppy sideway trading in tight range above 1.9363 today. Outlook remains unchanged. Downside momentum continues to diminish as seen in bullish convergence condition in 4 hours MACD and RSI. While further decline could be seen,

USD/CHF's retreat was supported by 4 hours MACD and recovers mildly. But after all, it's still bounded inside tight range of 1.0388 and 1.0623. An intraday top is possibly in place and outlook remains neutral for the moment. As noted

EUR/USD's rally earlier today was limited below 1.5569/94 resistance zone and retreats again. Outlook remains unchanged as further rally is still mildly in favor as long as 1.5396 minor support holds. Note that the current development argues that EUR/USD might

USD/JPY's retreat continues today an touching of 104.57 minor support, with 4 hours MACD dragged below signal line, suggests that an intraday top is in place. Outlook is turned neutral for the moment. On the upside, break of 105.70 resistance

Yesterday the greenback had a volatile trading session against its major currency rivals. It underwent contrasting trends vs. the EUR... May 15 2008 10:10AM BST

Today's US Dollar Trading •USD rallies ahead of News, lacks follow-through •Majors on S/R volumes low •Sovereign names seen selling USD Overnight Preview •A round of book-squaring likely Looking Ahead to Thursday All times EASTERN (-5 GMT) •8:30am USD Empire

MAJOR HEADLINES - PREVIOUS SESSION US Weekly ABC Consumer Confidence fell to -47 from -46 the previous week Japan Apr. Domestic CGPI out at 3.7% YoY vs. 3.6% expected and 3.9% in Mar. Japan Mar. Adjusted Current Account out at

Previous session overview On Wednesday, the dollar was moderately stronger against key rivals, riding piggy-back to firmer U.S. stock markets and a growing sense that the worst of the U.S. financial crisis has passed. The US dollar extended its gains

Yesterday the downside movement of EURUSD seems to be limited as the pair bottomed at 1.5396 but closed higher at 1.5477. My model is mixed with upside bias. Immediate support seen at 1.5440 followed by 1.5390. Initial resistance at 1.5510.

Progress is being made in Wave (c) which has a wave equality target at 1.9301 while the old daily low was at 1.9335. Within the daily flat correction I am looking at we should see this support hold and generate